[Updated on 16 December 2019, after the election results.]
This blog was put together to look at the implications of the main UK-wide party manifestos for freelancers, small companies and other tax payers.
The video explainer below shows aspects of the three manifestos. I thought I’d leave it there, even though we now know it’s the Conservatives who won – big time.
In fact the Conservative manifesto was the one with the least detail. (Some would argue this is why they won.) But we can expect a Budget announcement from the Chancellor of the Exchequer in February 2020. I will post again to highlight details as they emerge.
Of course the one thing that will happen is that we will leave the EU at the end of January 2020. We will then enter a ‘transition period’, initially set to run out at the end of December 2020.
Nothing changes in terms of movement of goods, rules about freedom of movement, and working, etc, until the end of the transition period.
Update November 2019: You can watch my 20 minute presentation about no-deal Brexit and freelancers courtesy of AudioUK – recorded 25 October 2019: David’s presentation on Vimeo >
Have you got ready for Brexit yet? Nope – me neither. Because no one knows (at time of writing) what Brexit will look like.
However, there are some things you should think about in preparation for ‘getting ready for Brexit’. Some of it won’t cost any money, and will mean you are less likely to be caught on the hop if and when we leave the EU.
This will be particularly important if we leave in a sudden ‘crash out’, no-deal, WTO-type scenario. [Update 16 Dec 19: this could still happen at the end of December 2020.]
Making Tax Digital (MTD) is a hot topic on our courses at the moment.
Under current plans, from April 2021 every business, including sole traders, will have to use special software to report turnover and business expenses every quarter. So that means as they go along, as opposed to all at once at the end of the tax year.
This is a big change, and HMRC seems very keen to push ahead with this project, in spite of everything else that’s going on in the country.
At the 2019 BECTU Freelancers’ Fair in London I caught up with FreeAgent, one of many software providers trying to corner the freelancer market once MTD is compulsory.
I asked Matt Perkins from FreeAgent about the cost, whether software will replace accountants, and how on earth we choose which software to buy.